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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What are internal controls designed to do?

To determine

Explain the purpose of internal controls.

Explanation

Internal control: Internal control is a process which ensures continuous reliability of accomplishment, of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

Purposes of internal control:

  1. 1. Safeguard assets: The first purpose of internal control is to safe guard or protect assets like cash and inventory, from theft and robbery.
  2. 2...

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